Relationships between financial well-being and resiliency: evidence from law enforcement

Purpose This study investigates how ego-resiliency (ER) and bounce-back resilience (BBR) relate to financial well-being/distress (FWBD) among law enforcement officers. Design/methodology/approach Using primary survey data from officers in a large Midwestern metropolitan police department, we analyzed the association of these psychological traits to perceived financial well-being. Findings Results show that both ego-resilience and bounce-back resilience are positively and additively associated with financial well-being, suggesting that the capacity to recover from adversity and the proclivity for context-appropriate behavioral impulse control are related to perceived financial health. Research limitations/implications This study underscores (1) the importance of viewing financial well-being as linked to psychological adaptation and (2) the importance of studying this link in high-stress professions, especially those that influence societal well-being. Cross-sectional data limit causal inferences. Practical implications Organizations endeavoring to enhance the financial well-being of their employees support their psychological well-being and vice versa. Social implications The law enforcement context enhances the relevance of this study to society, as officers operate under high-stress conditions and are authorized by governments to engage the public in consequential ways. Identifying financial well-being as a correlate of stress-coping resources has implications for the psychological well-being of officers and the health of their interactions with the broader public. Originality/value This study contributes to the literature of financial well-being by establishing relationships to previously underexplored psychological correlates. Furthermore, this study examines financial well-being in an occupational sample. Such samples are underexplored in the literature.